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Released today, the Port of Tyne’s 2021 Annual Report and Accounts report show that despite facing continued operational disruption as a result of Covid-19, investment, revenues and profits are all up.
Over the previous 12-month period, revenues reached £47.3m, an increase of £4.9m and EBITDA or investable profit was £10.6m, a £1.3m increase. In addition to delivering a positive financial performance in 2021, the Port of Tyne also achieved several of the Tyne 2050 strategic milestones, continuing the drive for efficiency, digitisation and decarbonisation. The business continues to play a pivotal role in the development of the region’s world-leading automotive, clean energy and logistics sectors.
Container operations and the Port’s rail distribution network have responded strongly to new customer demand as supply chains sought greater resilience in a period of global strain. Container volumes were up 19%, ferry calls increased by 43% and the volume of bulk and conventional cargoes handled rose by 10%.
On track for net zero
In line with the Port’s commitment to achieving net zero by 2030 and becoming an all-electric port by 2040, its multi-million pound investment into clean energy technology, new business development and property regeneration continued. Capital expenditure levels focused on acquiring new assets, the electrification of legacy equipment and creating one of the North East’s biggest green industry clusters at the 200-acre Tyne Clean Energy Park, increased by £11.2m.
Regional firsts achieved
The Port of Tyne also achieved a number of ‘firsts’ during 2021. The container business welcomed its first direct call from China and the first container train service at the port for 17 years. The year also saw the commencement of important new solar power projects, the delivery of a net zero warehouse for port-centric logistics clients and orders placed for two new hybrid electric cranes due for delivery within 12 months. 2021 also saw the Port improve its environmental emission controls and cease all future shipments of coal.
Matt Beeton, CEO at the Port of Tyne, said: “When we launched our Tyne 2050 strategy, we set out to become one of the country’s most innovative and sustainable port operators, an important hub within the UK’s green business revolution and to cement our position as a vital global trading gateway. Our 2021 results demonstrate we are well on track. Ideally placed to benefit from opportunities in the offshore wind and renewables sectors and are expanding our position as a key logistics partner in international supply chains.”
Fit for the future and supporting innovation
As an important local employer, the Port of Tyne continues to invest in people, ensuring it has the right skills and is ‘Fit for the Future’. The North East has some of the UK’s most renowned universities and it is important to retain future innovators and leaders by offering outstanding career development opportunities. To support local graduates, the Port launched its graduate programme in 2021 and welcomed seven exceptional young adults to the business with a commitment to repeat this annually. In addition, innovative High Performance Leadership and Change Makers programmes were delivered with a number of participants promoted to senior roles in the business.
Cruise operations recommenced at the International Passenger Terminal, with 24 calls during the year and an even stronger set of bookings for 2022. The Port of Tyne also completed a brand-new Border Control Post at the Terminal, which was delivered well ahead of schedule. Landlord works for Equinor’s operations and maintenance base to service the world’s largest offshore wind farm at Dogger Bank were also completed.
During 2021, Port of Tyne also supported a number of important regional development initiatives, including the launch of Tyne Taskforce – a public-private partnership that seeks to deliver growth and prosperity for local communities centred on new green industries.
The Port’s Innovation Hub led a consortium, which included Connected Places Catapult, Siemens, Newcastle University and the North East LEP, to deliver the ‘Clean Tyne Project’, a blueprint for a cleaner, more efficient operations.